Survey finds baby boomers help children achieve home ownership

A national survey from Better Homes and Gardens Real Estate found 20 percent of baby boomers have already gifted, loaned or co-signed a loan to help their children or grandchildren purchase a home. More than two-thirds of baby boomers want to help their children financial to achieve homeownership in the future.

Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, said that low home prices and mortgage rates are making it a buyer's market that many consumers want to take advantage of. However, younger generations are struggling to acquire home loans due to a poor economy that has offered limited employment opportunities.

"Our data shows that (baby boomers) are using what they've earned and what they've learned to invest in the future and help their children and grandchildren realize the American dream of homeownership," Chris said.

However, helping a child own a home can get complicated, so parents first should figure out how much they can provide to be put toward the home. In an interview with CNN, Ted Beck, CEO of the National Endowment for Financial Education, said baby boomers who want to help their children should make sure their monetary gifts or loans do not put their own retirement plans on hold or at risk. Further, if parents help with the down payment, it should be viable for the children to make their monthly loan payments to avoid foreclosure.

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